On Tuesday, President Trump criticized Goldman Sachs’ economic research for underestimating the impact of tariffs on the U.S. economy and questioned whether Goldman Sachs CEO David Solomon should continue to lead the Wall Street financial institution.
In a post on the social media platform Truth Social, Trump stated that tariffs have not caused inflation or any other issues so far, but have significantly increased Treasury revenue, while also promoting the national economy, stock market, and overall wealth.
Trump wrote, “Trillions of dollars in tariff revenue pouring in have brought tremendous benefits to our country, stock market, overall wealth, and nearly every aspect. The fact is that, even at this stage, tariffs have not triggered inflation or any other issues in America; instead, they have brought in a large amount of cash for our Treasury.”
“Furthermore, research also shows that in most cases, consumers do not directly bear these tariffs, with many businesses and governments, especially foreign governments, bearing these costs.”
Trump continued, “But David Solomon and Goldman Sachs refuse to acknowledge this. Their earlier predictions on market impacts and tariffs themselves were wrong, much like their judgments on many other things. I believe Solomon should find a new economist or just focus on being a DJ, instead of being busy running a large financial institution.”
Goldman Sachs, like many counterparts, holds a pessimistic view on Trump’s tariff policy.
In a report released by Goldman Sachs Chief Economist Jan Hatzius’ team on Sunday, it was pointed out that as of June, American consumers had absorbed 22% of the tariff costs, and if tariffs continue to trend as they are currently, this percentage may rise to 67%.
Trump’s post on Tuesday stated that the tariff costs are mainly borne by foreign businesses and governments, which contradicts Goldman Sachs’ report.
A spokesperson for Goldman Sachs declined to comment.
The White House spokesperson did not immediately respond to media requests for comments.
Data released by the U.S. Department of Labor on inflation on the 12th showed that the U.S. July Consumer Price Index (CPI) only rose slightly, with an annual growth rate of 2.7%.
The U.S. stock market continues to benefit from optimism towards artificial intelligence and expectations of a Fed rate cut, setting new highs.
However, according to data compiled by Reuters, global companies reported during the second-quarter earnings season that, due to Trump’s tariff policies, they are expected to face losses of around $13.6 billion to $15.2 billion for the entire year.
As of February 1 to August 12, 2025, at least 333 companies globally have taken measures such as adjusting prices and moving supply chains to cope with the impact of tariffs. Usually, tariff costs are allocated to manufacturers, retailers, and consumers differently due to market conditions and supply chain situations.
In April this year, the White House accused Amazon of announcing price changes for goods in response to new tariffs as “hostile and politically motivated behavior,” but Amazon later clarified that the plan was only a concept and had not been implemented.
In May, Trump said that retailers like Walmart should bear the cost of tariffs themselves rather than passing it on to consumers to avoid raising prices.